Common use of Nonforfeitability and Nontransferability Clause in Contracts

Nonforfeitability and Nontransferability. The entire Withdrawal Value of the vested portion (as determined pursuant to the Code Section 403(b) Plan) of Code Section 403(b) funds of a Participant Account under this contract shall be nonforfeitable at all times. No sum payable under this contract which is attributable to Code Section 403(b) funds with respect to a Participant may be sold, assigned, discounted, or pledged as collateral for a loan or as security for the performance of an obligation or for any other purpose to any person or entity other than AUL. In addition, to the extent permitted by law, no such sum shall in any way be subject to legal process requiring the payment of any claim against the payee.

Appears in 2 contracts

Samples: Aul American Unit Trust, Aul American Unit Trust

AutoNDA by SimpleDocs

Nonforfeitability and Nontransferability. The entire Withdrawal Value of the vested portion (as determined pursuant to the Code Section 403(b) Plan) of Code Section 403(b) funds of a Participant Account under this contract shall be is nonforfeitable at all times. No sum payable under this contract which is attributable to Code Section 403(b) funds with respect to a Participant may be sold, assigned, discounted, or pledged as collateral for a loan or as security for the performance of an obligation or for any other purpose to any person or entity other than AUL. In addition, to the extent permitted by law, no such sum shall in any way be subject to legal process requiring the payment of any claim against the payee.

Appears in 1 contract

Samples: Aul American Unit Trust

Nonforfeitability and Nontransferability. The entire Withdrawal Value of the vested portion (as determined pursuant to the Code Section section 403(b) Plan) of Code Section section 403(b) funds of a Participant Account under this contract shall be is nonforfeitable at all times. No sum payable under this contract which that is attributable to Code Section section 403(b) funds with respect to a Participant may be sold, assigned, discounted, or pledged as collateral for a loan or as security for the performance of an obligation or for any other purpose to any person or entity other than AULus. In addition, to the extent permitted by law, no such sum shall in any way be subject to legal process requiring the payment of any claim against the payee.

Appears in 1 contract

Samples: Aul American Unit Trust

Nonforfeitability and Nontransferability. The entire Withdrawal Value of the vested portion (as determined pursuant to the Code Section 403(b) Plan) of Code Section 403(b) funds of a your Participant Account under this the contract shall be is nonforfeitable at all times. No sum payable under this the contract which is attributable to your Code Section 403(b) funds with respect to a Participant may be sold, assigned, discounted, or pledged as collateral for a loan or as security for the performance of an obligation or for any other purpose to any person or entity other than AULus. In addition, to the extent permitted by law, no such sum shall in any way be subject to legal process requiring the payment of any claim against the payee.

Appears in 1 contract

Samples: Aul American Unit Trust

AutoNDA by SimpleDocs

Nonforfeitability and Nontransferability. The entire Withdrawal Value of the vested portion (as determined pursuant to the Code Section 403(b) Plan) of Code Section 403(b) funds of a your Participant Account under this contract shall be the Contract is nonforfeitable at all times. No sum payable under this contract the Contract which is attributable to Code Section 403(b) funds with respect to a Participant you may be sold, assigned, discounted, or pledged as collateral for a loan or as security for the performance of an obligation or for any other purpose to any person or entity other than AUL. In addition, to the extent permitted by law, no such sum shall in any way be subject to legal process requiring the payment of any claim against the payee.

Appears in 1 contract

Samples: Aul American Unit Trust

Nonforfeitability and Nontransferability. The entire Withdrawal Value of the vested portion (as determined pursuant to the Code Section 403(b) Plan) of Code Section 403(b) funds of a Participant Account under this contract shall be is nonforfeitable at all times. No sum payable under this contract which is attributable to Code Section 403(b) funds with respect to a Participant may be sold, assigned, discounted, or pledged as collateral for a loan or as security for the performance of an obligation or for any other purpose to any person or entity other than AULus. In addition, to the extent permitted by law, no such sum shall in any way be subject to legal process requiring the payment of any claim against the payee.

Appears in 1 contract

Samples: Aul American Unit Trust

Time is Money Join Law Insider Premium to draft better contracts faster.